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Who claims college tuition tax benefits?

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in Small Business Tax,Small Business Tax Deduction Strategies

Q. We paid more than $39,500 in 2010 for our grandson’s tuition at Duke. Is there a way to get a credit or tax deduction? G.M., via e-mail

A. Possibly. The tax benefits are available only for tuition paid on behalf of someone who is claimed as a de­pendent on your tax return. 

For those who qualify, the maximum higher-education credit is $2,500 and the maximum tuition deduction is $4,000. On your tax return, you must choose between the credit and deduction if you’re eligible for both. Both are phased out at certain income levels and completely unavailable for high-income taxpayers.

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